Abivax initiated with a Buy at BTIG

BTIG analyst Julian Harrison initiated coverage of Abivax with a Buy rating and $43 price target. Inflammatory bowel disease remains without an active, safe, and easy to prescribe oral treatment option, and Abivax’s obefazimod is well positioned to serve this large unmet need, the analyst tells investors in a research note. The firm sees a low bar for obefazimod to succeed commercially. It also sees upside potential as Abivax’s earlier-stage pipeline formally expands with at least one new indication later in 2024.